In an oil and fuel report despatched to Rigzone by the Macquarie workforce forward of the discharge of this week’s U.S. Vitality Data Administration (EIA) weekly petroleum standing report, Macquarie strategists projected that U.S. crude inventories will likely be up by 5.4 million barrels for the week ending February 13.
“This follows an 8.5 million barrel construct within the prior week, with the crude stability realizing looser relative to our expectations,” the strategists, together with Walt Chancellor, acknowledged within the report.
“For the week ending 2/13, from refineries, we search for a discount in crude runs (-0.3 million barrels per day), with turnaround timing once more including noise to the image,” they added.
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“Amongst internet imports, we mannequin a pointy discount, with exports up (+0.6 million barrels per day) and imports down (-0.4 million barrels per day) on a nominal foundation,” they continued.
The strategists famous within the report that timing of cargoes stays a supply of potential volatility within the weekly crude stability.
“From implied home provide (prod.+adj.+transfers), we search for a nominal improve (+0.3 million barrels per day),” they added.
“Rounding out the image, we anticipate SPR [U.S. Strategic Petroleum Reserve] shares up barely (+0.2 million barrels) for the week ending 2/13,” they continued.
The Macquarie strategists went on to state within the report that, “amongst merchandise”, they “search for a slight attract gasoline (-0.2 million barrels), with distillate (+0.8 million barrels) and jet shares (+1.0 million barrels) greater”.
“We mannequin implied demand for these three merchandise at ~13.9 million barrels per day for the week ending February 13,” they stated.
The EIA’s subsequent weekly petroleum standing report is scheduled to be launched on February 19. It would embody information for the week ending February 13.
In its newest weekly petroleum standing report on the time of writing, which was launched on February 11 and included information for the week ending February 6, the EIA highlighted that U.S. industrial crude oil inventories, excluding these within the SPR, elevated by 8.5 million barrels from the week ending January 30 to the week ending February 6.
Based on that EIA report, crude oil shares, not together with the SPR, stood at 428.8 million barrels on February 6, 420.3 million barrels on January 30, and 427.9 million barrels on February 7, 2025. Crude oil within the SPR stood at 415.2 million barrels on February 6, 415.2 million barrels on January 30, and 395.3 million barrels on February 7, 2025, the EIA report revealed.
Whole petroleum shares – together with crude oil, complete motor gasoline, gas ethanol, kerosene sort jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.689 billion barrels on February 6, the EIA report highlighted. Whole petroleum shares have been down 1.7 million barrels week on week and up 81.9 million barrels yr on yr, the report revealed.
In a Skandinaviska Enskilda Banken AB (SEB) report despatched to Rigzone on February 12, SEB Commodities Analyst Ole R. Hvalbye outlined that “a sizeable construct in U.S. industrial crude inventories added … draw back strain” to Brent.
Macquarie strategists, together with Chancellor, revealed in an oil and fuel report despatched to Rigzone on February 10 that they have been forecasting that U.S. crude inventories can be up by 6.5 million barrels for the week ending February 6.
“This follows a 3.5 million barrel draw within the prior week, with the crude stability once more realizing tighter relative to our expectations, albeit amidst vital winter freeze noise,” the strategists famous in that report.
“For this week’s stats, we once more see vital room for volatility as freeze impacts work their approach by the information,” they warned.
To contact the creator, e-mail andreas.exarheas@rigzone.com
